Poulsbo Real Estate Data for May 2013
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Home sales in Poulsbo jumped from 33 in April to 39 in May, which is the second highest number of monthly home sales going back more than 3 years!
The Combined Days on Market for the sold properties had a dramatic decline during May, dropping from 179 days in April to 80 days in May. This is an indicator of how quickly properties are selling on average. Many of the most compelling properties, those that are market ready, needing no repairs and are priced well, are receiving multiple offers within the first few days of being listed, and offers are coming in at full price with minimal contingencies. Sellers are often having the luxury to choose the buyer they want to work with. To be a successful buyer in this environment, you need to be pre-approved with a lender and depending upon the property, be prepared to make your best offer right from the start.
Prices were also on the rise with the average home price increasing from just over $262,000 in April to over $291,000 in May. The Median also increased from $269,000 in April to $280,000 in May. This is 11.8% above the median home price in May 2012.
Distressed home sales continued at the low end of the range we’ve seen and comprised just over 15% of the homes sold in May which was almost identical to the April level, however; the composition switched from being mostly Short Sales to being predominately bank owned foreclosures (REO’s).
Looking ahead, home sales are continuing to increase in Poulsbo with Pending sales rising from 114 during April to 119 during May as of the date of this report. We project that closed sales in June will be at a new 3 year high and distressed property sales will continue at the low end of the range we’ve seen but will again shift back to being predominately Short Sales with very few bank owned foreclosures!
Both the average and median home prices appear to be continuing on an increasing trend line and as implied, there is an increasing number of higher priced homes comprising the sales mix in the Poulsbo Real Estate Market.
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Brian Wilson, Broker cell: 360-689-2466 -and-
Jana Salmans, Managing Broker cell: 360-509-9684
19723 10th Ave NE; Suite 200
Poulsbo, WA 98370
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